JPMorgan Forecasts Oil Supercycle at $150 in Next Few Years

Christyan Malek, the energy analyst from JPMorgan, published his research on Friday, which predicted Brent crude oil could hit $150 per barrel in 2026, citing the energy supercycle as the current Brent price is heading for $100, while on average, it swings around $80 along this year.

Malek anticipated Brent prices between $90 to $110 in 2024, and $100 to $120 in 2025. Meanwhile, JPMorgan’s global supply/demand data projected 1.1-million-barrel imbalance per day in 2025, and will widen to 7.1 million barrel per day in 2030.


Malek told Bloomberg to “put your seatbelt on. It’s going to be a very volatile Supercycle.”. Despite the demand destruction from inflation and the near recessionary US and EU economy, oil prices would continue to surge higher as many countries are trying to move away or less invest in carbon energies, mainly oil and gas.

The dwindling down of new oil investment, which will tighten the oil production further, altogether with the supply cuts by energy producers such as OPEC+ and Russia, will cause an imbalance to the oil economy and widen the rift between demand and supply.